Manufactured Home Loans Blytheville AR

See below to find manufactured home loans providers in Blytheville that give access to requirements for manufactured home loans approval, mobile home loans, manufactured home mortgage rates, manufactured home refinancing, and mobile home loan programs, as well as advice and content on how to apply for manufactured home loans.

Manufactured Home Loans: Facts For The Borrower

Manufactured Home Loans: Facts For The BorrowerSat 05/16/09 01:09:53 pm by Ray Henke

Most lenders view the manufactured home loan as a "nuisance" loan. No matter what kind of manufactured home you have (even if it has tile roof and drywall interior), you're going to be lumped into the "trailer" category in the mind of the loan officer. This is just a "loser loan" for him. A lot of work, and not enough commission! Plus there are so many compliance hoops to jump through and the compliance checklist is often daunting to the novice. And for the typical lending office, very rarely do the support staff know what they are doing. The processors don't even understand the vocabulary much less the fine details, appraisers sometimes submit their data on the wrong form and even underwriters often fail to manage the file properly.

Borrowers complain that a new hiccup appears almost daily—-and the loan seems to take forever. Then there are the fine points of the flood zones, if the home is serviced by wells and septic, finding comparative comps, missing HUD plates , IBTS letters , metes and bounds, missing a data compliance plate , dealer to site verification and the list seems endless. Oh and let's not forget about the real doozy— the foundation certification .

FHA loans on manufactured homes, whether new construction or existing, new loan or refinance, require an engineer's stamped certification that the foundation meets the requirements of The Permanent Foundation Guide to Manufactured Housing dated September 1996 (PFGMH) aka THE HUD HANDBOOK /BIBLE.

This is a nightmare for borrowers and lenders because the HUD Handbook is even misunderstood by most engineers. When confronted with a non-compliant foundation, most homeowners say, "But my home met all the local requirements of the building department when I bought it in 1983!" Unfortunately compliance with the local building jurisdiction is not evidence that the home meets the national standard. Because requirements vary from city to county to state, the certification letter establishes some semblance of continuity. Engineers even have conflicting opinions because the handbook is vague, contradictory and very unclear on exactly what is required and what is not permitted. Essentially it is opinion-based and two different engineers can look at the same foundation with different results.

Are your eyes glazed over yet? We won't even start on the appraisal and all the details associated with that because that would lead to a whole new laundry list of issue. First things, first, if you need a manufactured home loan , make sure your home qualifies:

The basic checklist starts with the following:Must have a floor area of not less than 400 square feet. So if you are living in a "park model", it's not going to work.Must be classified and subject to taxation as real estate.

Must be built on and remains on a permanent chassis. This means it came in on wheels, but the wheels a...

Refinancing Your Manufactured Home Loan ?

There are so many different factors involved in refinanc ing your manufactured home loan that you might end up really getting lost. Here are some helpful tips.

The refinance process can be so confusing if you have absolutely no idea about what is involved in this process. There are several things that you can do to give yourself the edge. As the old saying goes "Knowledge is Power"; and nowhere is that more evident than in this case. The more you know, the better off you will be when you final come through the entire process.

Do Your Homework

The very best thing that you can do before you even start the manufactured home refinance process in earnest is to spend some time doing research into the local and national lenders. There are several different ways to go about researching; online searches, talking to friends and family for recommendations and talking to several over the phone. If you decide that the only type of research you are going to do is online; you are very likely to be completely swamped and probably very confused by the sheer volume of information that you can find. You might be wise to find a single source that will offer competitive loan quotes from competing lenders. That way you can do all your loan shopping with one stop online

K now the C urrent Rates

If you already know the current interest rate that you are paying, this is half the battle in the refinance home loan process. This will tell the lender how much you are currently paying in interest. You will also want to get to know what the current going interest rates are so that you are prepared for whatever may come your way. Knowing this information tells you what you are getting into. Check out the Refinance Calculator below. It will help you to decide whether or not you should refinance your current manufactured home loan at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Be Totally Prepared

Once you make the request for lenders to offer refinance quotes they may need additional information form you. This means that you need to know and have written down every bit of information that you will need to provide the lender when they contact you by phone to start the refinance home loan process. You will definitely need to have all of the documentation that relates to your current mortgage; this includes the statements and/or payments coupons from your current lender as well as the original paperwork that you received at the start of the original loan.

Generally speaking, a manufactured home mortgage is a written document which gives a creditor an interest in the property of a borrower to secure payment of a loan debt. While this broad definition blankets all mortgage loans, the different types of homes, or collateral, are what draw differences between manufactured home, or chattel, loans and traditional stick built home mortgages.